Feb 5, 2023

Real Estate Investment in Turkey for Yemenis

With the increase of the opportunities in real estate investment in Turkey, and the Turkish government's incentives for the real estate sector, through tax exemptions, residency programs, and Turkish citizenship, investors' interest in real estate has increased.

But why do Yemenis buy real estate in Turkey?

According to the Turkish Statistics Institute, the number of Yemeni real estate owners in Turkey has increased, as holders of Yemeni citizenship are considered to be among the top twenty foreigners who own real estate in Turkey. All Yemenis have the right to own real estate and real estate investment in Turkey, and they are covered by the Turkish Real Estate Law issued in 2012. Yemeni citizens can own all types of real estate and real estate investment in Turkey, including apartments, villas, shops, commercial offices, stores, hotels, buildings, lands, farms, and other types of residential and commercial real estate.

The beginning of real estate investment in Turkey for Yemenis

About 300 Yemeni businessmen and investors have left for Turkey, according to the official of the Yemeni community in Turkey. They started to move their works to Turkey, while the first approach is real estate investment in Turkey, where they buy and invest in apartments within the new complexes. The second approach is in the field of investing in livestock, then import and export companies to Europe and the Gulf, to restaurants, cafes and shops, which is the least option.

This large gathering resulted from the Turkish-Yemeni Business Forum, which was held in Mersin in early January 2017, which aims to strengthen relations between Yemeni businessmen and the Turkish government.

Then the Turkish government offered special advantages to Yemeni investors in the field of real estate investment in Turkey and other types of investment, including exemption from customs duties on imported machinery and equipment for licensed projects, as well as exemption from value-added tax, in an attempt to win the interest of investors and encourage them to open new projects in the country.

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Turkish residency and citizenship for Yemenis

By real estate investment in Turkey, Yemenis can obtain a two-year real estate residence in Turkey for themselves, spouse, and children, this residence can be renewed every two years. It can be obtained by buying real estate in Turkey that worth 200 thousand dollars. A law on granting Turkish citizenship to real estate investors was issued in 2017. Under this law, Turkish citizenship can be obtained through a real estate investment of 400,000 US dollars, for holders of several nationalities, including Yemeni citizenship.

Documents required for the process of Yemeni ownership in Turkey:

In order to complete the procedures for real estate ownership in Turkey, the following documents are required:

Obtain a tax number.
Translate the passport into Turkish.
Attestation of the passport translated from a notary public or through Turkish embassies abroad.
two portraits
Pay the title deed fee.

In addition to the presence of the owner or his official representative, under a notarized power of attorney or through Turkish embassies abroad.

Real estate investment in Turkey for Yemenis in numbers

Homes sold to Yemenis increased by 536% in the first nine months of 2019, compared to the same period in 2015, when war broke out in the country, while the numbers of homes bought by foreigners increased by 98%.

The number of homes sold to Yemenis in Turkey in the first nine months of 2015 was about 170. This number reached 1,082, an increase of 536% in the same period of 2019. Foreigners' purchases in Turkey increased by 98% to 32,268 in the same period. Yemenis bought 231 homes in 2015, 192 in 2016, 390 in 2017, 851 in 2018, and 1,081 in the first nine months of 2019.

Because of the war that Yemen has been experiencing since 2015, Yemeni citizens have been looking for a country where they feel safe and able to save and obtain citizenship in the easiest way, and Turkey is acceptable to obtain citizenship and secure their future. Therefore, Yemenis head towards real estate investment in Turkey and therefore applying for Turkish citizenship by investing in real estate.

The recent decisions taken by the Saudi authorities - the first destination that Yemenis went to after the war - to impose additional fees on expatriates and taxes that made living conditions more difficult, forced many expatriate workers and investors to leave the country, forcing hundreds of Yemeni investors to relocate their businesses from Saudi Arabia to other countries, especially Turkey.

Why do Yemeni citizens prefer Turkey and what are the advantages of Turkish citizenship?

Turkey is the country where modern life meets Islamic lifestyle. One of the reasons Yemenis prefer living and making real estate investment in Turkey is that it has an Islamic lifestyle through mosques everywhere as well as modern life, so it is ideal for Muslims to live and anyone can get citizenship by investing 400.000 USD. The advantages of Turkish citizenship are as follows:

The Turkish passport is among the top 34 passports in the world.
Mobility to 128 countries, with Free visa travel to 70 countries, visa on arrival for 51 countries, e-visa for 7 countries, and easier entry to all 26 Schengen area countries.
Free medical treatment in all the public hospitals and medical centers.
Free tuition and university payment plans.
The right to run in elections and vote like any Turkish citizen.
The right to work in government departments and obtain retirement and a government pension upon reaching the appropriate age.

Yemenis buy Turkey real estate

The number of Yemenis buying homes in Turkey has been around 100-200 homes for nearly four to five years, yet it has been clearly increasing year after year, due to recent developments and instability in the region.

44 companies owned by Yemeni citizens started operations in 2017, the number increased to 79 in 2018 and 41 in the first seven months of 2019. Yemenis established 164 companies in Turkey in the last two years. Moreover, this number is increasing so far.

Real estate sales in Turkey are still continuing as the lira's decline worsens. Although sales to foreigners in 2023 are lower than previous years, they are still maintaining a steady pace. This is what was shown by the data and reports of the Turkish Statistical Institute, but this did not negatively affect real estate prices. On the contrary, real estate prices are constantly increasing which is a very encouraging factor for real estate investment in Turkey.

On the other hand, the Union of Yemeni Traders in Turkey meets periodically and works on several important levels, including encouraging real estate investment in Turkey, as well as encouraging Yemeni investors who came from Saudi Arabia to bring money with them in the fields of the electronic industry. In the future, the perfume industry as well as meat production, will become global commodities...

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